Lightstone planning fourth Moxy Hotel at 151 Bowery

Developer is in contract to buy site from Emmut Properties

New York /
Jul.July 30, 2018 03:30 PM

151 Bowery and The Lightstone Group’s David Licthenstein (Credit: Google Maps)

Hotel and condominium developer Lightstone Group plans to build a fourth Moxy Hotel in Manhattan at the site of a lighting store in the Bowery, the company said Monday.

Lightstone is in contract to acquire the building at 151 Bowery from Emmut Properties, a memorandum filed Monday with the city’s Department of Finance shows. Lightstone declined to provide the amount that it would pay for the site at closing. Emmut Properties’ John Young did not respond to a request for comment.

151 Bowery last sold for $23.5 million in 2014, in what was then said to be a record price for the lighting district.

Lightstone’s three other Moxy developments are in Chelsea, Times Square and the East Village. The company plans to build a toal of 1,500 Moxy hotel untis citywide. Planned locations for the chain outside New York include Miami, Los Angeles and Hollywood.

In March, Lightstone bought a 183-key Hilton Garden Inn in Long Island City, paying $60 million.

Emmut Properties sold three other light stores on Bowery last year for a total of $24 million.


Related Articles

arrow_forward_ios
Mack Real Estate CEO Richard Mack and one of his new hotels at 51 Nassau Street. (Getty, ING)
Mack Real Estate takes over 7 distressed Manhattan hotels
Mack Real Estate takes over 7 distressed Manhattan hotels
1440 Broadway and CIM Group’s Shaul Kuba (Google Maps, Getty)
CIM closes on $400M refi for 1440 Broadway
CIM closes on $400M refi for 1440 Broadway
Theaters in some cities are opening with restrictions. (Getty, Photo Illustration by Alison Bushor for The Real Deal)
Coming attraction: Movie theaters reopen in New York, San Fran
Coming attraction: Movie theaters reopen in New York, San Fran
Innovo Property Group's Andrew Chung with 23-30 Borden Avenue in Long Island City (Google Maps)
Innovo lands $155M construction loan for LIC warehouse
Innovo lands $155M construction loan for LIC warehouse
Restaurants and bars accounted for a majority of the gains in February (iStock)
Leisure, hospitality big winners in February job gains
Leisure, hospitality big winners in February job gains
The company currently operates 761 stores, and intends to open 100 new stores this fiscal year. (iStock)
Retailer Burlington plans to double store count
Retailer Burlington plans to double store count
(Getty, Photo Illustration by The Real Deal)
Retail had its reckoning. Will subleases flood the market?
Retail had its reckoning. Will subleases flood the market?
Ascena owns Ann Taylor, Lane Bryant, Lou & Grey and Cacique. (Getty)
Ascena restructuring approved post-bankruptcy
Ascena restructuring approved post-bankruptcy
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...